Gas prices spike, reversing recent downward trend: What’s going on?

Gas prices in Virginia have risen 10.0 cents per gallon in the last week, averaging $4.05 per gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 1.2 cents per gallon lower than a month ago and stand $1.32 per gallong higher than a year ago.

The national average price of gasoline has risen 6.9 cents per gallon in the last week, averaging $4.17 per gallon today. The national average is down 1 cent per gallon from a month ago and stands $1.29 per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Analysis

“Gasoline prices have continued their rally in the last week with oil prices sustaining higher levels, but the real story has been diesel fuel, which has skyrocketed to its highest level ever seen. Diesel is now $1 per gallon or more in many areas compared to gasoline,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The meteoric rise in diesel prices is likely to continue for the first half of the week at least, while gasoline prices could continue to see a slow but steady rise. For now, the rising cost of diesel will surely be felt in the grocery store, hardware store or on your next flight as jet fuel prices accelerate, leading to a continued rise in inflation likely to ripple across the economy.”

Trends

Historical gasoline prices in Virginia and the national average going back ten years:

• May 2, 2021: $2.74/g (U.S. Average: $2.89/g)
• May 2, 2020: $1.70/g (U.S. Average: $1.76/g)
• May 2, 2019: $2.65/g (U.S. Average: $2.90/g)
• May 2, 2018: $2.62/g (U.S. Average: $2.82/g)
• May 2, 2017: $2.19/g (U.S. Average: $2.37/g)
• May 2, 2016: $2.06/g (U.S. Average: $2.22/g)
• May 2, 2015: $2.40/g (U.S. Average: $2.61/g)
• May 2, 2014: $3.51/g (U.S. Average: $3.68/g)
• May 2, 2013: $3.37/g (U.S. Average: $3.53/g)
• May 2, 2012: $3.72/g (U.S. Average: $3.80/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.90/g, up 3.7 cents per gallon from last week’s $3.86/g.
• Richmond- $4.06/g, up 12.5 cents per gallon from last week’s $3.94/g.
• West Virginia- $3.96/g, up 3.5 cents per gallon from last week’s $3.92/g.

GasBuddy data is accessible at prices.GasBuddy.com.